On a long-term basis, despite this pullback we believe that pair could break higher as long as we are above 0.74 handle so we have no interest in selling, and we would use any pullbacks as just another buying opportunity, especially supportive candles around 0.74 handle, which seems to be the floor for the market at the moment.
AUD/USD Weekly Forecast - 28 March – 01 April
Aussie tried to break higher initially last week, but failed to go above 0.7650 area, and then pulled back all the way below 0.75 handle. However, by the week's end pair managed to rebound and broke once again above 0.75 handle. With no major data releases pair was mostly influenced by gold prices, which also fell but then formed strong support. As for next week, we expect a bit steadier beginning of the week with the focus on US NFP figures, so pair is likely to find support around 0.74 handle, as this was major restive barrier in the past, and resistance near 0.7650 handle so this is where we would place short-term selling bids.
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